New fund open for business
Importance of fund
Eastern Ontario is receiving new provincial funding to grow the local economy and create jobs. The Eastern Ontario Development Fund (EODF) will provide financial assistance to promote the retention, expansion and attraction of business in eastern Ontario through support for capital spending, skills development, infrastructure needs and other related economic development initiatives.
The fund is designed to work alongside existing programs that are offered province-wide.
Areas of focus
EODF will provide $80 million over four years focusing on two areas:
- Helping businesses create jobs and invest in new technologies, new equipment or skills training
- Supporting local economic development projects that will attract or retain investment and lead to job creation.
- Applicants will receive a decision within 45 days of submitting a complete proposal.
Who can apply
- The fund is open to businesses with 10 employees or more.
- EODF can provide up to 15 per cent support for projects valued at $500,000 or greater that will create at least 10 jobs over 5 years.
- The fund also supports projects implemented by local economic development offices, business associations or community organizations.
- In these instances, EODF can provide up to 50 per cent support for initiatives valued at $100,000 or more.
- For both streams, there is a maximum grant threshold of $1.5 million.
- The fund is available for communities in eastern Ontario, excluding the City of Ottawa. The rural communities within the City of Ottawa that have less than 100,000 residents are eligible for this fund.
EODF information including criteria, application forms and program contacts is available online at www.ontario.ca/easternfund or by calling 1-866-909-9951 .